Ecuador's foreign reserves drop as inflation rises

Ecuador's foreign reserves drop 26 percent in December, inflation hits 8.8 percent in 2008

QUITO, Ecuador (AP) -- Ecuador's foreign currency reserves fell 26 percent in December as the poor Andean nation maintains social spending programs in the face of falling oil prices, the central bank reported Thursday.
Ecuador now holds $4.5 billion in foreign reserves, $1.8 billion less than it held at the end of October 2008. The government projects a $1.5 billion deficit in 2009 because of low oil prices. Budget planners projected $85 per barrel but Ecuador's intermediate crude was trading at $26 a barrel on Thursday.

Oil is Ecuador's main export and accounted for 40 percent of the federal budget in 2008.
Boosted by high oil prices in the first half of the year, Ecuador's foreign currency reserves hit $6.5 billion in September, the most in eight years.
In other economic woes, the government announced that Ecuador finished 2008 with 8.8 percent inflation, a six-year high and more than double the country's 3.3 percent inflation rate of 2007.
High international fuel and food prices coupled with crop losses from heavy floods helped push inflation into the double digits by August, prompting President Rafael Correa to cap prices on some basic foods, prohibit rice exports and give subsidies and tax breaks to farmers.

Meanwhile, Ecuador's decision to partly default on and restructure its foreign debt has squeezed its access to international credit.
Analysts at Barclays Capital Research said Thursday that the depletion of government reserves also could be part of a Correa plan to buy back the defaulted bonds at discount prices. Ecuador plans to announce a restructuring package for the bonds this week.
Ecuadorean Fiscal Policy Observatory Director Jaime Carrera called the government's previous decision to lock social spending into the budget a "serious problem" due to the scarcity of credit and considers the planned $15 billion 2009 budget to be excessive.
Correa hopes to finance the deficit with credit from regional bodies like the Inter-American Development Bank and loans from Iran, Russia and China.

[ForexGen Demo Accounts Contest]

Win Cash Prizes

[ForexGen] has the pleasure to announce the launching of the Demo Account contest on the first of every month.

Interested clients who wish to participate in this event shall send an e-mail request on demo.contest@forexgen.com including the following information:
- Full name: - Phone number

Also provide us with the following identification document:
" Certified copy of the information pages of account holder current valid passport or government issued photo ID"
After we receive your request we will provide you with further details and with your [demo account] login information which will be used in the trading contest.

By the end of each contest:

1. All participants that manages to open at least 20 lots will be awarded a Live Account with $50 credit 2. All participants that manages to open at least 20 lots and keep their demo account initial balance will be awarded a Live Account with $100 credit 3. The highest 5 accounts with the highest profits (including the floating P/L) will be awarded a Live Account with $250 credit.

The contest starts on the first Sunday of each month at 10 pm GMT and ends on the last Friday of that month at 10 pm GMT.

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Fitch Downgrades Lake Zurich Community Unit School Dist. No. 95 (IL) Bonds to 'AA-'

NEW YORK--(BUSINESS WIRE)--In the course of routine surveillance, Fitch Ratings downgrades Lake Zurich Community Unit School District No. 95's (the district) approximately $42.2 million in outstanding school building bonds to 'AA-' from 'AA+'. The Rating Outlook is Stable.

The downgrade is based on the substantial erosion in reserves from the very high levels seen previously. This decline was the result of pay-as-you go capital spending without significant growth in revenues, a slowdown in economic growth and enrollment declines over the last several years that are expected to continue. The revised 'AA-' rating considers the district's improvement in adoption of GAAP basis accounting, financial operations, satisfactory reserves even after sizable drawdowns, above-average income levels, moderate debt burden, and manageable future capital needs.
The district is located in Lake County, whose economy is centered on services, manufacturing and retail trade. Economic indicators are mixed; while personal income levels are above-average relative to the state and the nation, the unemployment rate has recently increased and now exceeds the nation's. The Stable Outlook reflects Fitch's expectation of continued financial stability despite continuing enrollment declines.

The district serves about 36,000 residents primarily of Lake Zurich Village, in a suburban area approximately 37 miles northwest of downtown Chicago, IL. With approximately 6,036 students in 2008, enrollment has declined on average 1.1% annually in the past six years, due to the district's mature development stage and the impact of declining national birth rates. As a result, the district projects losing approximately 50 to 60 students per year. The district will address enrollment declines in the near term by closing one of its schools, thereby generating substantial savings for the district in maintenance and capital repairs.

The district has employed three different auditors in the last five years, which makes tracking changes in the district's financial profile difficult. However, it is evident that the district's financial condition weakened considerably through 2006, exemplified through unreserved educational fund balances of approximately $431,000 or .8% of expenditures in fiscal 2006. Since then the district's financial position has improved with unreserved educational fund balances increasing to $1.3 million and $4.4 million, or 2.4% and 7.6% of expenditures in fiscal 2007 and 2008, respectively. As there is some flexibility between the educational and operations and maintenance (O&M) funds, it is important to note that the district demonstrates a satisfactory unreserved level of 12.5% of expenditures for fiscal 2008 when both funds are aggregated.
Audited fiscal 2008 results indicate a $3.2 million surplus for the educational fund evidencing the district's successful implementation of pro-active financial management policies geared toward increasing the educational fund balance and reserves. The district has reduced labor costs through contractual agreements limiting the amount of annual salary increases for its employees for the next 5 years. In addition, the district has reduced health care costs through increases in prescription drug and office visit co-payments for its employees. The district has also improved its budgeting process enabling stronger oversight through accurate future revenue and expenditure estimates.

While the educational fund balance is improving, the district is also focused on increasing reserve levels for the O&M fund by maintaining a stable tax rate in the O&M fund and simultaneously adjusting the educational fund rate as well as other rates to compensate for the effects of the Illinois property tax extension limitation law (PTELL). The district anticipates that the adjustment in tax rates for the O&M fund will result in an additional $3 million for the O&M fund in fiscal 2009 and $1.5 million in subsequent years designated for capital repairs.
The district does not have any near-term plans to issue additional debt and will continue to fund short-term capital needs on a pay-as-you-go basis. The district's direct debt levels equal a moderate $1,944 per capita and 1.37% of market value. Issuance by overlapping jurisdictions results in an overall debt burden equal to $3,706 per capita and 2.6% of market value.

Note: Fitch issued an exposure draft on July 31, 2009 proposing a recalibration of tax-supported and water/sewer revenue bond ratings which, if adopted, may result in an upward revision of this rating (see Fitch research 'Exposure Draft: Reassessment of the Municipal Ratings Framework'). At this time, Fitch is deferring its final determination on municipal recalibration. Fitch will continue to monitor market and credit conditions, and plans to revisit the recalibration in the first quarter of 2009.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

[ForexGen Live Account]

The live/real account is provided to those clients who may have some experience in the online trading.
[Opening an Account Online]

The quickest, easiest and secure way to open a ForexGen trading account is online.
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Fitch Places Detroit GOs and Related Obligations on Rating Watch Negative

NEW YORK--(BUSINESS WIRE)--Fitch Ratings removes the Negative Rating Outlooks from the following Detroit, Michigan bond ratings and places them on Rating Watch Negative:

--$541 million unlimited tax general obligation (ULTGO) bonds 'BBB';
--$154 million limited tax general obligation (LTGO) bonds 'BBB';
--$34 million Detroit Economic Development Corp. resource recovery revenue refunding bonds series 2001A 'BBB+';
--$1.5 billion Detroit Retirement Systems Funding Trust certificates of participation (COPs) series 2005-A, 2005-B, 2006-A and 2006-B 'BBB'.

The placement of the ratings on Rating Watch Negative is due to the possibility that Detroit (the city) will have to make significant termination payments related to interest rate swap agreements totaling $800 million in notional value on the Detroit Retirement Systems Funding Trust COPs. The size of the termination payments is reportedly about $400 million but is subject to change based on movements in interest rates. The city is currently in discussions with its swap counterparties. A payment of the magnitude of the current valuation, if required, would notably increase the city's already considerable financial pressures.

Over the next few weeks, Fitch expects to review the ratings based on any developments on the swap terminations, as well as an evaluation of the city's updated credit fundamentals. Fitch is concerned with the city's weak current economic indicators, prospects for further declines in employment and wages, considerable challenges in achieving balanced financial operations as a first step towards eliminating a large accumulated general fund balance deficit, and continued delays in reporting audited financial results.
Nine consecutive operating deficits led to an unreserved fund balance deficit at the end of fiscal 2006 of 11.2% of spending. The fiscal 2007 comprehensive annual financial report has not yet been released, after several delays, making evaluation of the status of the deficit difficult. The city's unemployment rate for November 2008 was 17%, incorporating a 3.9% decline in the number of workers employed. Debt levels are above average on a per capita basis but exceptionally high as a percent of market value.

Fitch issued an exposure draft on July 31, 2008 proposing a recalibration of tax-supported and water/sewer revenue bond ratings which, if adopted, may result in an upward revision of this rating (see Fitch research 'Exposure Draft: Reassessment of the Municipal Ratings Framework'.) At this time, Fitch is deferring its final determination on municipal recalibration. Fitch will continue to monitor market and credit conditions, and plans to revisit the recalibration in the first quarter of 2009.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

[Why ForexGen]


1. Lowest spreads in the market with 0-1 pip spread in 10 pairs, no commissions, no swaps and instant account Activation.
2. Scandinavian quality with Swiss precision, funds secured and local agents in 18+ countries.
3. ForexGen offers Forex trading in the major currency pairs and crosses.
4. Low capital start, with $250 as a minimum account size.
5. Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.
6. [ForexGen] offers a free trial Forex [demo account] that allows you to test your skills and practice without risking real money.

The case for fixing the economy by doing nothing

Congress will soon debate what kind of economic stimulus package should be passed, but some economists are increasingly wondering whether it's a good idea to approve any stimulus at all.

President-elect Obama again called for quick action Thursday on a yet-unspecified economic stimulus plan that could cost as much $800 billion.
Yet, some argue that the economy is already poised to rebound on its own. They point to steep rate cuts by the Federal Reserve and trillions of dollars in loans and assistance approved by the government in the past year as enough stimulus to get the economy back on track.
In addition, some stimulus skeptics believe that increased government spending will cause more problems than they solve.
Brian Wesbury, chief economist at First Trust Portfolios, said the current economic downturn is due to the financial panic that occurred in September after the bankruptcy of Lehman Brothers. That caused a crisis in financial markets and led to the controversial bailout of Wall Street firms and banks and many new programs by the Fed.
Wesbury said consumers and businesses were more reluctant to spend after the collapse of Lehman led to concerns about how other banks would be in danger if a bailout was not passed.
He said he now fears that similar talk about how bad the economy could get if there isn't a stimulus package could cause further declines in spending.
"In the middle of trying to sell a humongous new stimulus package, we'll be creating new panic," he said.
Wesbury acknowledges his view is a minority one, but he's hardly alone. He and Bob Brusca of FAO Economics said they both see signs that the economy might be ready to turn around already, including an unusually large drop in initial jobless claims this week, and a slight increase in the Conference Board's December reading on business activity in the service sector.

Lower taxes now = more taxes later

Other economists expressed concerns about the longer-term damage that could be done to the economy by spending so heavily to fix short-term problems.
Peter Schiff, president of Euro Pacific Capital, an investment firm specializing in overseas investments, wrote in a research note the stimulus debate has not done enough to focus on the cost to taxpayers that will come from the programs.
"The truth is that the only way out of this mess is less government, more savings, and increased production," Schiff wrote. "Obama's plan is a recipe for economic ruin."
Wesbury said he is pleased by various tax cut proposals being discussed as part of the plan, but he is worried that taxpayers will still have to eventually foot the bill for all the new government spending.
He said the only way to pay for stimulus is by taxing those who are productive, joking that the plan is more like a Ponzi scheme than any creation of wealth.
"Every time we bail somebody out, we have to get that money from somebody else. It's like [Bernard] Madoff," he quipped, referring to the financier accused in a $50 billion securities fraud case.
Other economists added that many of the steps taken so far have not yet had a chance to work. Those efforts may prove to be sufficient enough to stimulate the economy without additional spending.

Can't afford to 'wait and see'
But since there is so much uncertainty about the economy, some think the government can't afford to wait to see what happens next, especially since this recession is much different in nature than previous ones.
"We have an unprecedented financial crisis being met by an unprecedented policy response," said David Kelly, the chief market strategist for JPMorgan Funds. "The problem is, forecasters work off precedent."
Kelly said he's particularly worried that the economic stimulus plans being discussed, such as construction projects, will take too long to make an impact. Even sending out tax rebate checks, as was done last year, won't necessarily spur spending if people are nervous about the economy.

Kelly said he would prefer cash incentives from the government specifically designed for people to go out and buy a car or a house as a way to jump-start those two battered sectors.
He said the incentive program could be set up so that the amount of money available could drop the longer people take to make the purchase. That way, people willing to spend sooner rather than later would be rewarded and the economy could rebound more quickly.

"The big problem here is we've got a wait-and-see economy," said Kelly. "'Wait and see' are the three most dangerous words in economics."
Brusca agreed that there are major risks of the economy continuing to weaken further. He said that even though "there's a case for not doing anything more," Congress can't afford to wait to act.

"It is gambling on something you can't afford to lose," he said. "You run the risk, if you are being patient, of becoming the patient."
Finally, there are some who believe that the actions taken so far by Congress and the Bush administration, like the $700 billion Troubled Asset Relief Program, or TARP, for banks and Wall Street firms, have done little to help consumers and businesses so far.
"You need something to start the engine," said Rich Yamarone, director of economic research at Argus Research. "Just having a full tank of gas doesn't get you anywhere. TARP is just a full tank of gas."

[ForexGen Services]

Client Services

• Customer Support
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ForexGen Partnership

ForexGen offers three types of business partnerships.

* [Introducing Broker]
* [White Label]
* [Money Manager]

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[ForexGen] provides appropriate services satisfying the needs of all business partner's specified situation and requirements.

Ohio governor says he's open to gambling proposals

Ohio governor says gambling is bad for Ohio but remains open to expansion to help budget

COLUMBUS, Ohio (AP) -- Gov. Ted Strickland says he believes gambling is bad for Ohio, but he's willing to entertain proposals to expand it to bring in more revenue.

Strickland said Thursday that expansion would not be his preferred course of action but that he wouldn't close his mind to ideas.
The governor's antigambling stance has been one of his core philosophies. Ohio voters have repeatedly voted against putting slot machines at race tracks and allowing casinos, most recently turning down a proposed casino in western Ohio.
The state faces a projected $7 billion budget deficit in the next two-year budget. Gambling interests often approach lawmakers during tough budget times to sell gambling as a way to expand revenue.

[ForexGen Academy]


If you are an experienced ‘FOREX’ Trader or just a beginner looking for the opportunities offered in the ‘FOREX’ market, [Forexgen] has created ForexGen Academy to give you the chance to get a ‘FOREX’ education and improve your trading skills. No hard expressions, no buzz words, and no rocket science language are used throughout these lessons.
How to Get Started?

People are introduced to the exciting world of foreign exchange in many ways: friends, current events, newspapers, television, and many others. For those of you who are new to forex, the following guidelines cover the basics of currency trading.

also do you Know ForexGen Lowest spreads in the market with 0-1 pip spread in 10 pairs, no commis

Using Technical Indicators

A good understanding of the basic tenets of technical analysis can vastly improve one's trading skills.

When using technical analysis, price is the primary tool. Simply put, "everything is already in the rate." However, technical analysis involves a bit more than simply staring at price charts hoping to find a "yellow brick road" to a bonanza payday. Along with various methods of plotting price action on charts by using bars, candlesticks, and Xs and Os on point and figure charts, market technicians also employ many technical studies that help them to delve deeper into the data. By using these studies in conjunction with their price charts, traders are able to build much stronger cases to buy, sell or remain on the sidelines than they could by simply looking at price charts alone.

Here are descriptions of some of the more widely used and time-tested studies that technicians keep in their toolboxes:

Moving Averages
Stochastics
RSI
Bollinger Bands
MACD

[ForexGen Customer & Trading Support]

ForexGen Customer Service seeks to achieve the highest level of customer satisfaction.

[ForexGen online trading services] are available 24 hours a day from Sunday at 6:00pm EST to Friday at 2:00pm EST to support and offer the help needed by all ForexGen's clients through answering any questions they may have.
ForexGen provides full time assistances to support clients during the usage of [ForexGen platform], whenever our clients face any problems during downloading or installing the platform ForexGen experienced stuff will help to overcome it.

ForexGen provides clients with full scale demonstrations and help for the technical issues.

Dealing Rooms.

ForexGen dealing desk representatives are available during trading hours - 24/5 from Sunday 6:00pm EST to Friday at 2:00pm EST.

You are encouraged to contact the dealing room by phone ONLY in these situations:

* If you are not able to access the internet.
* Failing to receive a confirmation on an online order.
* Failing to connect to ForexGen server.

Introduction To Technical Analysis

FOREX analysis is divided into two types: Fundamental and Technical. Fundamental analysis attempts to predict movements in currencies by
examining current political and economic events.
Technical analysis uses historical economic data to predict movements in the FOREX. These two sections will examine the principles of technical analysis and the tools involved. Basic Principles

Technical analysis is based on three assumptions:
1. Price movements are a result of all market forces combined. Things that can affect currency prices include political events, economic conditions, supply and demand, seasonal variations and weather conditions. The technical analyst, however, is not concerned with the reasons for market movement, but rather, the movements themselves.
2. Currency prices follow trends. Many market patterns have been recognized as having predictable consequences.
3. Price movements follow historical trends. FOREX data has beencollected for over 100 years and patterns have emerged over time. These patterns are based on human psychology and the way people react to certain sets of circumstances.
Is Technical Analysis Necessary?
Most FOREX day traders rely heavily on technical analysis and may use fundamental analysis to support their trading strategy. A major advantage of technical over fundamental analysis is that it can be applied to many different markets and currencies at the same time.
Fundamental analysis requires in-depth knowledge of the political and economic conditions of a certain country; therefore it is less likely that any one trader can do proper fundamental analyses on more than a few countries. The beginner trader may be put off by the seeming complexity of technical analysis and wonder if it is necessary for FOREX trading. As with any investment, FOREX trading requires a strategy. Although any strategy is possible, technical analysis is a proven method for predicting movements in the FOREX. Does that mean it’s a sure thing? Nothing is 100% certain, and currency prices are affected by a variety of forces.

This is why many traders use a combination of technical and fundamental analysis to plot their trading strategies. AvailabilityEvery FOREX online broker should provide access to a wide variety of charts for technical analysis. Some charting software is available free of charge while in-depth professional charts may carry a monthly fee. Charts can be viewed by various time scales and provide detailed information about price movements as well analytical overlays.

Charts can be zoomed in to the tick level or zoomed out to see the broad picture over a period of months or years. Charts are updated in real time. FOREX charts may be available on your broker’s web site or may be included as part of their trading software. Before beginning in FOREX trading it is a good idea to become accustomed to market behaviour by following charts for a period of time and studying their movements and learning about trends. Many brokers provide practice accounts that can be used by beginners to place ‘paper’ bids – no real money is exchanged. These practice accounts familiarize the beginning trader with FOREX charts and market movement while at the same time allowing him to become acquainted with the trading software a particular broker uses.


[ForexGen Money Manager]

An individual who is responsible for the entire financial portfolio of another individual or another entity. A money manager receives payment in exchange for choosing and monitoring appropriate investments for the client.

Benefits of being a Money Manager with [ForexGen]:

* Providing three different commission sources.
* Weekly commission plan.
* Easy & fast commission withdrawals.
* Fixed percentage of the profits.
* P = k * D “P=Profit, k=Variable Parameter, D=Deposits”

The money manager gets a fixed percentage of the profit previously agreed upon with the client for managing the client funds as a bonus feature.

The most competitive trading conditions:

* 2 pips spread on six currency pairs.
* Providing online trading services without maintenance margin, margin call and no automatic closing of positions below the initial margin on weekdays for accounts with initial equity of up to $1 million US. The margin level have to be recognized Fridays at 23:00 CET and before public holidays.
* Leverages up to 1:200 for accounts up to $1 million US.
* Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.

Investopedia Explains Fundamental Analysis...

Fundamental analysis is about using real data to evaluate a security's value.
Although most analysts use fundamental analysis to value stocks, this method of valuation can be used for just about any type of security.

For example, an investor can perform fundamental analysis on a bond's value by looking at economic factors, such as interest rates and the overall state of the economy, and information about the bond issuer, such as potential changes in credit ratings. For assessing stocks, this method uses revenues, earnings, future growth, return on equity, profit margins and other data to determine a company's underlying value and potential for future growth. In terms of stocks, fundamental analysis focuses on the financial statements of a company being evaluated.

One of the most famous and successful users of fundamental analysis is the Oracle of Omaha, Warren Buffett, who has been well known for successfully employing fundamental analysis to pick securities. His abilities have turned him into a billionaire.

[ForexGen Demo Accounts Contest]

Win Cash Prizes

[ForexGen] has the pleasure to announce the launching of the Demo Account contest on the first of every month.

Interested clients who wish to participate in this event shall send an e-mail request on demo.contest@forexgen.com including the following information:
- Full name: - Phone number

Also provide us with the following identification document:
" Certified copy of the information pages of account holder current valid passport or government issued photo ID"
After we receive your request we will provide you with further details and with your [demo account] login information which will be used in the trading contest.

By the end of each contest:

1. All participants that manages to open at least 20 lots will be awarded a Live Account with $50 credit 2. All participants that manages to open at least 20 lots and keep their demo account initial balance will be awarded a Live Account with $100 credit 3. The highest 5 accounts with the highest profits (including the floating P/L) will be awarded a Live Account with $250 credit.

The contest starts on the first Sunday of each month at 10 pm GMT and ends on the last Friday of that month at 10 pm GMT.

For more information about our current and future promotions, kindly contact one of our customers support agents at promotions@forexgen.com

FOREX TRADING REVIEW & GUIDE

Forex Canadian trading has interesting values and should be looked uponForeign Exchange is one of the most popular investing markets, and with a proper understanding of the markets and factors influencing it is possible to enjoy great success in terms of returns. A case study which highlights all of the areas and considerations when it comes to Forex investments is not hard to come by- in fact, recent years have shown that even countries which may be overlooked by traditional investors may provide the greatest opportunities when it comes to investment.

A good example of the success that can be had in the foreign currency exchange is that set by the Canadian dollar. Most Americans pay little mind to Canada- it is the big country up North, most of the time it creates no problems and can be a compliant ally. Taking a nation and its economy for granted can be a huge mistake when it comes to foreign exchange, however.



[ForexGen Live Account]

The live/real account is provided to those clients who may have some experience in the online trading.
[Opening an Account Online]

The quickest, easiest and secure way to open a ForexGen trading account is online.
Complete and submit your application online in just a few minutes.

ForexGen.com is an online trading service provider supplying a unique and individualized service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.

ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.

HMN Financial Participates in U.S. Treasurys Capital Purchase Program

ROCHESTER, Minn.--(BUSINESS WIRE)--HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF - News), the holding company for Home Federal Savings Bank (the Bank), announced today it has successfully completed the sale of $26.0 million in preferred stock and related warrant to the United States Treasury Department. This transaction is part of Treasury’s capital purchase program under the Emergency Economic Stabilization Act of 2008. Under the terms of the transaction, the Company issued 26,000 shares of cumulative perpetual preferred stock and a warrant to purchase 833,333 shares of HMN common stock at an exercise price of $4.68 per share.

The preferred shares are entitled to a 5% annual cumulative dividend for each of the first five years of the investment, increasing to 9% thereafter, unless HMN redeems the shares. The preferred stock can’t be redeemed for a period of three years from the date of the Treasury investment, except with the proceeds of certain qualifying offerings of Tier 1 capital. After three years, the preferred stock may be redeemed in whole or in part, at par plus accrued and unpaid dividends. The preferred stock is non-voting, other than certain class voting rights. The warrant may be exercised at any time over its ten-year term. Treasury has agreed not to vote any shares of common stock acquired upon exercise of the warrant. Without the consent of Treasury, for three years following issuance of the preferred stock, HMN cannot (i) increase the rate at which it pays dividends on its common stock in excess of the rate at which it last declared a quarterly common stock dividend, or $0.25 per share, or (ii) subject to certain exceptions, repurchase any shares of HMN common stock outstanding.

Both the preferred securities and the warrant will be accounted for as Tier 1 capital. The Bank’s risk-based capital ratio (the ratio of risk-based capital to risk-weighted assets) was 10.54% at September 30, 2008, which is above the regulatory capital requirements of 10.0% for a “well capitalized” bank. If this additional capital had been included in the Bank’s capital calculation at September 30, 2008, the Bank’s risk based capital ratio would have increased to 13.5% as risk-based capital would have increased by $26.0 million from $91.5 million to $117.5 million and risk-weighted assets would have remained at $867.8 million.

“This investment will further enhance our already well-capitalized position,” said Michael McNeil, President and CEO. “Our ability to meet the needs of our customers and the communities we serve will be further strengthened by these funds. Additional capital should also benefit shareholders by providing funding that should enable us to expand our market share and build shareholder value.”
[Why ForexGen]


1. Lowest spreads in the market with 0-1 pip spread in 10 pairs, no commissions, no swaps and instant account Activation.
2. Scandinavian quality with Swiss precision, funds secured and local agents in 18+ countries.
3. ForexGen offers Forex trading in the major currency pairs and crosses.
4. Low capital start, with $250 as a minimum account size.
5. Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.
6. [ForexGen] offers a free trial Forex [demo account] that allows you to test your skills and practice without risking real money.

The Forex Market and Understanding Foreign Exchange Rates

Unlike the stock exchange, the Forex Market (foreign exchange market) is a relatively new player to the investment world.

Today's current Forex market model started in the early 1970's, and today it represents the biggest financial market around, even surpassing the stock market. With trading surpassing $2 trillion dollars per day, the Forex market attracts more and more investors all the time. Before an investor starts trading on the Forex market, he should grasp the fundamentals of how exchange rates work.

Exchange rates
basically, the exchange rate represents the rate of exchange between two currencies. Most currencies are traded, or paired up against the dollar. The five most common currencies traded on the market are the dollar (USD), euro (EUR), the yen (JPY), the British pound (GBP), and the Swiss franc (CHF). Some other currencies that are traded are the Australian dollar, the Canadian dollar, and the Hong Kong dollar.

In the exchange rate or ratio, the numerator represents the quote currency and the denominator the base currency, which always equals one.

Let's say that an investor wants to exchange Euros for dollars. In this case, the euro currency is the quote currency, or how much currency you have to exchange. The base currency is the dollar. The investor researches the current exchange rate (Euros converted into dollars) either on the Internet, through the bank, broker, etc., and then multiplies that amount by the number of Euros to exchange. Let's say that the exchange rate is 1.57959. That means that 1.57959 Euros must be paid to receive one dollar. If he has 1000 Euros to exchange, then he can receive $1,579.59 (1000 x 1.57959).

On the flip side, the exchange rate can also tell the investor how much he'll receive if he converts dollars back into Euros. If he has $1000, he can either divide that amount by the same euro to dollar exchange rate ($1000/1.57959 = 633.07 Euros), or look up the conversation rate for dollars to Euros on the Internet, etc. (i.e. .633072) and multiply it by the amount of dollars to exchange ($1000 x .633072 = 633.07 Euros).
Once the exchange rate concept is understood, the investor can feel more confident in investing in the Forex market.

[ForexGen Services]

Client Services

• Customer Support
• Trading Support

ForexGen Partnership

ForexGen offers three types of business partnerships.

* [Introducing Broker]
* [White Label]
* [Money Manager]

ForexGen Introducing Brokers ,White Label and Money Manager holders are recognized as a strategic business partners. The main focus of our service is to satisfy our partner's needs in order to deal with a qualified service and gain a large income sharing plan.

[ForexGen] provides appropriate services satisfying the needs of all business partner's specified situation and requirements.

Forex - What is it?

The international currency market Forex is a special kind of the world financial market. Trader’s purpose on the Forex to get profit as the result of foreign currencies purchase and sale. The exchange rates of all currencies being in the market turnover are permanently changing under the action of the demand and supply alteration.

The latter is a strong subject to the influence of any important for the human society event in the sphere of economy, politics and nature. Consequently current prices of foreign currencies evaluated for instance in the US dollars fluctuate towards its higher and lower meanings. Using these fluctuations in accordance with a known principle “buy cheaper – sell higher” traders obtain gains. Forex is different in compare to all other sectors of the world financial system thanks to his heightened sensibility to a large and continuously changing number of factors, accessibility to all individual and corporative traders, exclusively high trade turnover which creates an ensured liquidity of traded currencies and the round - the clock business hours which enable traders to deal after normal hours or during national holidays in their country finding markets abroad open.

[ForexGen Academy]


If you are an experienced ‘FOREX’ Trader or just a beginner looking for the opportunities offered in the ‘FOREX’ market, [Forexgen] has created ForexGen Academy to give you the chance to get a ‘FOREX’ education and improve your trading skills. No hard expressions, no buzz words, and no rocket science language are used throughout these lessons.
How to Get Started?

People are introduced to the exciting world of foreign exchange in many ways: friends, current events, newspapers, television, and many others. For those of you who are new to forex, the following guidelines cover the basics of currency trading.

also do you Know ForexGen Lowest spreads in the market with 0-1 pip spread in 10 pairs, no commissions, no swaps and instant account Activation.

Accounts And Brokers AND Common Misconceptions

A forex trading account is much like other types of accounts you may find at stock brokers or commodity brokers.

Usually there are no commissions involved in forex trading, as brokers are compensated through the bid/ask spread. Although brokers offer tight spreads on forex contracts, as little as 3 pips on the EUR/USD for example, with large volume that can add up to substantial revenue for the broker.
A managed account is structurally the same as a self-traded account, except clients sign a Limited Power of Attorney giving a professional money manager access to trade their account. Traders have trading authority only, they cannot deposit and withdraw funds. The account is always in the name of the client, never give funds to a non-registered individual. Any professional would never accept client funds directly, funds are always handled by registered institution.

When you are investing in forex funds are not leaving the country! You are trading on the interbank market (or off-exchange market) in either case, brokers settle their aggregate positions end of day in a similar method to stock exchanges, debiting and crediting profit and loss to client accounts. It is not as if your funds are being ‘wired’ out of the country and back.
The forex markets are some of the most technologically sophisticated in the world due to their simplicity. In forex there are less issues relating to execution, auditing, and clearing, which enable the software to be designed small and simple. For trading for profit, or for designing automated trading systems, forex is clearly the superior market

[ForexGen White Labels]

Forex White Label partnership allows the trader a quick access to the online foreign currency exchange market.

[ForexGen] provides two types of trading White Label partnerships, a limited and a full solution. ForexGen different types of forex White Label partners are able to access ForexGen's trading platform entirely branded under each partner's unique company image and name. We provide a customizable online trading platform for the different types of the two White Label solutions.

Forex trading

Not all people are familiar with forex trading. In fact, most people think that when you talk about forex trading, it has something to do with stocks or bonds. But forex trading is different from stocks or bonds. It involves the trading of currency pairs. Currencies are traded in pairs, and you can’t find a particular currency without a pair. The major currencies being traded are chosen above the rest because they are stable and have a greater value than other foreign currencies. Every time a new comer arrives in the market, the very first ones to take notice of them are what you call frauds. That is why, if you’re new in forex trading, you need to take some advice. It doesn’t hurt to ask for advice from the ones who are already engaged in forex trading. In fact, you can make use of their advice for your own good, and even to your advantage.

Since forex trading is globally available, it is not surprising if there are frauds that are able to infiltrate the financial market. To safeguard people from these frauds, they must be made aware of these growing fact, so that they will be able to protect their trading career.
The opportunities that forex trading provides for different individuals, firms, and organizations is growing rapidly every year. And accompanying this growth is the widespread growth of different scams related with forex trading. But you should not worry because there are a lot of legitimate companies or firms that can help you in forex trading.
The best thing to do is to find these legitimate companies and to stay away from fraudulent ones. However, most new traders fall prey to these scammers because of their savory offers.

[FOREXGEN Accounts Funding]

ForexGen offers the easiest, simplest and fastest way of Forex funds depositing, withdrawing and transferring provided with Customer Support personnel available 24/7 In order to serve its clients any time all over the world.

ForexGen cares for its clients' funds, so that ForexGen allow funding operations with guarantee of ForexGen itself that your fund operations are executed with high level of security and privacy.

Funds are accepted by wire transfer and e-gold payments.
Deposit of funds is made easy through our short online form in your account management section, click here for a quick access (needs login)

Account receivable funding could electronically funded by ForexGen after one business day, thus the client's account will be funded in the same day of receipt. For our client's security, each wire transfer reference section must contain the client's name and account number.
ForexGen minimum deposit required to start trading is $250. Also we have no limit for depositing fund into your account. You have the absolute right to choose the amount you want to deposit.

Systems Are Operating Well with Adequate Energy Supplies

Systems Are Operating Well with Adequate Energy Supplies for Prolonged Spell Utility Reminds Customers to Use Energy Wisely to Manage Higher Bills

BELLEVUE, Wash.--(BUSINESS WIRE)--With this week’s lingering cold spell, Puget Sound Energy has broken records in delivering electricity and natural gas to homes and businesses in Western Washington. With temperatures forecast to remain colder than usual for several more days, PSE is encouraging customers to use energy wisely, particularly during peak energy periods, to manage their winter heating bills and to protect the energy delivery system.


READ THE FULL POST HERE

Dollar falls on auto bailout stall

The dollar weakened against major currencies Monday - hitting a two-month low against the euro - amid strained auto bailout talk and as a two-day Federal Reserve meeting got under way.

At 1:34 p.m. ET, the 15-nation euro was trading at $1.3699, up 2.4% and the highest since Oct. 15. The British pound rose 2.4% to $1.5309.

Meanwhile, Japan's yen slid to ¥90.66, down 0.77%.
"Once again, we're seeing some fairly widespread pressure on the U.S. dollar," said Stephen Malyon, currency strategist at Scotia Capital in Toronto. "It's a carryover from the trend that began last week, and it looks to be driven primarily by the euro. It's one of the strongest currencies today and it's got momentum."

Speculation that the Federal Reserve will cut key interest rates to the lowest on record on Tuesday, plus the pressure of "a lame-duck president, increasingly at odds with his own party" also pressured the greenback, Malyon said.

Stalled bailout discussions cause uncertainty
The greenback's retreat comes after stalled auto bailout discussions late last week left investors in a state of uncertainty. On Monday, a Treasury Department spokeswoman said that officials were still reviewing information and that no decisions had been made.
President George Bush said last week he would consider using part of the Treasury's $700 billion bailout package for financial institutions to keep automakers afloat in the short term. The U.S. Senate refused to pass a $14 billion rescue package for Detroit's Big Three last week, leaving the Treasury with the decision.

"There's a concern about what will happen if the automakers are not bailed out, but there's also concern about how a bailout would be engineered," Malyon said.
A series of economic reports released Monday also painted a grim picture. Homebuilders' confidence remained at an all-time low in December, and a New York state survey of manufacturers showed a sharp growth in unfilled orders.

Dollar no longer a safe haven?
Currency traders usually view the dollar as a safe haven when the stock market is volatile. But despite relatively subdued trading, the dollar has remained under pressure.
"Given the lateness of the year, I don't see anything coming along to significantly alter trends," Malyon said. "In 2009, we could see a bit of pull-back on the euro. Right now, the story is focused on the U.S., but there's bad news in Europe too. The market shifts its attention to wherever the most interesting story is."

The uncertainty of the auto bailout hit the U.S. "at an inopportune time," Malyon said. "There's a vulnerability in power, and this indecisiveness unfortunately highlighted a lot of our problems.

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Trade and scalp the market ForexGen has the pleasure to announce the availability of both Dealing Desk and No Dealing Desk Platforms. No Dealing option provide traders with direct access to the best bid/ask prices through multiple bank access. No re-quotes & No dealer confirmation is the main characteristic of the no dealing option made specifically for “scalpers” and active FX professionals. Absolute freedom to trade during news and economic events. The no dealing desk option allows traders to place entry orders inside the spread! Unlike competing FX firms, ForexGen offers traders all the advantage of a “no dealing desk” option.
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Platform’s Indicators are used in technical analysis to help you predict price

Forexgen Platform’s Indicators are used in technical analysis to help you predict price movements by looking at market generated data plotted on different kinds of charts. We will widely discuss technical analysis and indicators later on but for the time being let's take a look at the main types of indicators:

First we have the Cycle indicators. This type of indicators specify the exact time of an expected market change due to a repeatable phase that the market go through. Then there is the Volatility indicator that examines the market's instability that leads to change in prices. We also have the Trend indicator that creates average moving charts by examining average prices. Support/resistance indicator measures the level of supply and demand in the market which is considered one of the main reasons of price change. Finally we have the strength indicator that measures the volume and potentiality of the market through the price. Also you can visit [www.Forexgen.com]

[FOREXGEN Accounts Funding]

ForexGen offers the easiest, simplest and fastest way of Forex funds depositing, withdrawing and transferring provided with Customer Support personnel available 24/7 In order to serve its clients any time all over the world.

ForexGen cares for its clients' funds, so that ForexGen allow funding operations with guarantee of ForexGen itself that your fund operations are executed with high level of security and privacy.

tops

No trend lasts forever. Inevitably, crowd enthusiasm outpaces a stock's fundamentals and
rallies stall. But topping formations do not end uptrends all by themselves. These
stopping points may only signal short pauses that lead to higher prices. Then again, they
could be long-term highs just before a major breakdown.
What hidden patterns can you use to identify and trade reversals before your competition
sees them? Successful short-term traders get in the reversal door early and allow the herd
to trigger sharp price movement. Familiar trend-change formations, such as the Head and
Shoulders and Double Tops, take so long to develop that many profitable entries pass
before they finally signal an impending break to the waiting crowd.

First Rise/First Failure offers traders an early method to identify reversals following
new highs or lows in any time frame. FR/FF identifies the first 100% retracement of a
dynamic trend move within the time frame of interest. In order for any trend to continue,
price movement should find support near a 62% retracement, measured from the starting
point of the last thrust that pushed price to the new high or low. From this pullback, trend
must base and test its extension before it can break out to further continuation highs or
lows.

Cross-verification rings
a loud bell. Note how
the uptrend line broke
on the same bar as the
violation of the 62% fib
retracement following
this late 1998 AMZN
explosion. The familiar
triangular shape of
First Rise -First Failure
makes identification
easy when flipping
through many price
charts.
100%

100% retracement violates the major price direction and terminates the trend it corrects.
Completion also provides significant support/resistance, where bounce trades can be
initiated with low risk. From this point, continuation trends may reawaken in the next
larger time frame by a new break through the 38% (prior 62%) S/R and continued push
past the 62% retracement, toward a test of the high/low extension.
Bounce reversals represent superb entry points when the 100% violation coincides with a
38% or 62% retracement of the next higher dynamic time frame. However risk: reward
requires careful measurement, as the trade may develop more slowly than expected. In
other words, a successful position must be held through expected congestion at the 38%-
62% zone before it can access a profitable retest of the double top/double bottom
extreme.
Allow minor testing violations for all major Fibonacci retracements before taking
positions. Specialists and Market Makers know these hidden turning points and conduct
stop-gunning exercises to take out volume just beyond the breaks. And watch out for
trend relativity errors. Bull and bear markets exist simultaneously through different time
frames. Limit FR/FF trades to the time frame for which the retracement occurs unless
cross-verification supports other setups.
Every popular topping formation has its own unique pattern features. But all tell a
common tale of crowd disillusionment. Whether printed in the manic highs and lows of
the Head & Shoulders or the slow capitulation of the Rising Wedge, the final result
remains the same. Price breaks sharply to lower levels while unhappy shareholders
unload positions as quickly as they can.

Early in a rally, value and improving fundamentals attract knowledgeable holders. But as
an uptrend develops, the motivation for new participants becomes vastly different. News
of a stock's rise generates excitement and attracts a greedier crowd. These momentum
players slowly outnumber the value investors and stock movement becomes more
volatile. The issue continues upward as this frantic buying crowd feeds on itself well
beyond most reasonable price targets.
Both fire and ice will kill uptrends. As long as the greater fool mechanism holds, each
new long allows the previous one to turn a profit. Eventually changing conditions force a
final end to the upside action. A shock event can suddenly kill the buying enthusiasm,
forcing a sharp and immediate reversal. Or the trend’s fuel just runs out as the last
interested buyer enters one last position.

Many traders mistakenly assume bulls turn into bears immediately following a dramatic,
high volume reversal. They enter short sales well before the physics of topping and
decline rob the crowd of its momentum. In fact, these early shorts provide fuel for the
sharp covering rallies seen in most topping formations.
Skilled traders wait and measure the process of crowd disillusionment before they enter
large short sales. Decline characteristics can be predicted with great accuracy using
pattern analysis. While they wait, the repeating character of the topping event provides a
natural playground for swing positions.

[Why ForexGen?]

1. Lowest spreads in the market with 0-1 pips in 10 pairs, no commissions, no swaps and instant account Activation.
2. Scandinavian quality with Swiss precision, funds secured and local agents in 18+ countries.
3. ForexGen offers Forex trading in the major currency pairs and crosses.
4. Low capital start, with $250 as a minimum account size.
5. Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.
6. ForexGen offers a free trial Forex demo account that allows you to test your skills and practice without risking real money.